Zilliqa (ZIL) claims to be the world’s fastest blockchain in this field, with the ability to list thousands of transactions per second. The Zilliqa blockchain with a custom architecture is the product of an annual research and development process.
Thanks to the innovative technology called Sharding (horizontal division of the database), transaction speeds increase as the Zilliqa network expands, that is, as the number of miners in the network increases. Zilliqa has a structure that enables the scaling of decentralized financial applications with its “machine learning” system. Decentralized applications that require processing speed have an infrastructure that can run smoothly thanks to Zilliqa.
The Zilliqa network makes stable and regular lump sum payments to miners. Zilliqa mining requires less energy because the Proof of Work (PoW) algorithm concentrates on a single point, offering secure data flow and smart contracts.
The founding story of Zilliqa is based on the release of the game CryptoKitties in 2018. When this game occupied 11% of all transactions on the Ethereum blockchain, where the infrastructure of the game was established, in just a week, the Ethereum network started to get seriously heavy and locked up, delays in transaction confirmations such as money transfer and trading started to occur, and block.
The fees that users of the chain pay per transaction have skyrocketed. This game wasn’t actually about cryptocurrencies, it just had an architecture that worked on the blockchain. While some people questioned what an app like this non-financial transaction game was doing on the blockchain, for the more visionary blockchain developers it was a lesson: a blockchain that should be available to everyone should be more flexible and more scalable.
The Zilliqa network was developed to solve a problem inspired by this event: as the number of transactions increases in a decentralized blockchain network, the number of nodes increases and the system comes to a standstill after a while, as the delay between nodes will increase.
Therefore, the software developers who developed the sharding (horizontal divisibility) architecture have presented a solution that can perform more than 4 thousand transactions per second, which is the speed of the MasterCard / Visa network, which is the world’s most popular payment systems, compared to 15 transactions per second on the Ethereum network, where more than a thousand distributed applications are hosted. In the tests, it was seen that the Zilliqa network even exceeded this number.
Thanks to this feature, it is stated that Zilliqa is the only decentralized blockchain platform with a structure suitable for general use globally.
To develop the Zilliqa architecture, the developer team created a new programming language called Scilla. This language has a structure that separates state and function: for example, a smart contract has a distinction between the contract call (state) and the actual computational work done (function).
How to buy Zilliqa (ZIL)
Zilliqa is a Singapore-based network that has raised $12 Million in Ethereum funding in a special funding round it was promoted. The native token of the Zilliqa network is the Zilliqa (ZIL) coin. The total supply of Zilliqa (ZIL) is 21 billion units. Approximately 11 billion of these are currently in circulation in the market. Zilliqa (ZIL), with a current market value of 1.3 Billion USD, is in the 50th place in the cryptocurrency market.
At the time of publication, 1 Zilliqa (ZIL) was worth 0.11 USD. Zilliqa (ZIL) coin, which traded at a low of 0.002 USD in March 2020, reached an all-time high of 0.23 USD in May 2018. Zilliqa (ZIL) coin can be bought and sold on major exchanges such as Binance, Upbit, CoinEx, KuCoin, BitHumb, Huobi Global, OKEx, and transfer (withdrawal and deposit, receiving and sending) transactions can be made.
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